Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following table shows the adjusted trial balance of Scott Company: Scott Company Adjusted Trial Balance, December 31, 2016 Cash $100,000 Accounts receivable 7,000 Prepaid

The following table shows the adjusted trial balance of Scott Company:

Scott Company

Adjusted Trial Balance, December 31, 2016

Cash

$100,000

Accounts receivable

7,000

Prepaid Insurance

9,000

Office supplies

3,300

Office equipment

8,000

Accumulated depreciation - Equipment

$3,200

Building

430,000

Accumulated depreciation - Building

42,000

Accounts payable

5,800

Salaries payable

14,500

Interest payable

2,500

Long-term note payable

52,000

Common stock

50,000

Retained earnings

160,000

Dividends

20,000

Service fees earned

280,300

Salaries expense

20,000

Insurance expense

5,200

Depreciation expense - Equipment

800

Depreciation expense - Building

7,000

Total

$610,300

$610,300

The retained earnings of the Scott Company for the year is

Select one:

a. 247,300

b. 160,000

c. 387,300

d. 280,300

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Auditors Guide To Auditing Financial Statements In The UK

Authors: Steve Collings

1st Edition

1526527480, 978-1526527486

More Books

Students also viewed these Accounting questions